TaxTMI 
TaxTMI 
2019 (11) TMI 519
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....,800/- in respect of cash found during the course of search and, secondly, the assessee is aggrieved by the confirmation of addition of Rs. 19,48,159/- in respect of jewellery found during the course of search. 3. Briefly stated, the facts of the case are that search operation u/s 132 of the Income-tax Act, 1961 [hereinafter referred to as 'The Act'] was conducted at the residence of the assessee on 10.03.2015. During the course of search operation, in Locker No, 323 in Canara Bank, New Delhi, cash amounting to Rs. 5,42,800/- was found. The assessee was asked to explain the source of cash in the locker. 4. In her reply, the assessee explained that the cash so found in the locker was received as gifts on the occasion of marriage an....
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....15% of the declared income of the assessee and husband is not only illogical but also do not find any place in the law of Income tax. 9. Per contra, the ld. DR supported the findings of the lower authorities. 10. We have carefully perused the orders of the authorities below. It is true that the findings of the ld. CIT(A) are not only illogical but also do not find any place in the law of Income tax. It is equally true that the onus is upon the assessee to explain the possession of cash found at the time of search. In our considered opinion, the burden of proof is more when cash is found in the locker of a bank and not found deposited in the bank account. Considering the status of the appellant's family, her life style and standard of livi....
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....acquired by us on various occasions as gifts received from relatives and friends as well as acquired/purchased by us for various purposes. Q. No. 8 Why the jewellery of your married daughters kept in your locker? Are they residing with you? Ans. Since my younger daughter Smt. Ankita Goyal is not maintain any locker in her name or in joint name with anyone, she had kept her own jewellery in my locker. Moreover, she was married in 2012 only and her in laws are based in Delhi. Further, some of the jewellery belonging to my elder daughter is also kept in my locker as she had interested that to me in good faith. No, they are not residing with me. Q. No. 9 Are your daughters wealth tax assessees? Ans. No, they are not wealth tax assesse....
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....However, there cannot be any straight jacketed formulae for the same, It is seen that the AO has disregarded the affidavits filed by Smt. Janak Dulari and Smt. Ankita Goel without assigning any reason for the same. It is also a fact that during the course of statement u/s 132(4) at the time of search of the locker, the appellant had stated that the jewellery belongs to her, her mother-in-law (Smt. Janak Dulari) and her two married daughter (Smt. Ashima Behai and Smt. Ankita Goel). Moreover, the AO has applied straight jacketed formulae and given allowance of 500.00 gms. in respect of each married lady, without looking the period for which a lady is married. From perusal of the returns of income filed by the appellant (she filed return o....
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....sing Officer has followed Instruction No. 1916 of 1994 of CBDT in giving relief of 500 gms. per married lady in the family and has further allowed relief of 100 gms in respect of the husband of the appellant. 19. The ld. CIT(A) further considering the status of the assessee's family, vis a vis the returned income of the appellant and her husband and after considering the fact that the appellant has been married for more than 25 years, further gave relief of 200 gms of gold jewellery in the case of mother in law of the assessee. After considering the complete status, relief has been granted and addition of Rs. 19.48 lakhs was confirmed by the ld. CIT(A). 20. Even before us, the ld. counsel for the assessee has been constantly harping upon ....